Page:United States Statutes at Large Volume 124.djvu/1839

 124 STAT. 1813 PUBLIC LAW 111–203—JULY 21, 2010 (i) the date that the Supervisory Agency receives the notice of proposed change; or (ii) the date the Supervisory Agency receives any further information it requests for consideration of the notice. (H) REVIEW EXTENSION FOR NOVEL OR COMPLEX ISSUES.—The Supervisory Agency may, during the 60-day review period, extend the review period for an additional 60 days for proposed changes that raise novel or complex issues, subject to the Supervisory Agency providing the designated financial market utility with prompt written notice of the extension. Any extension under this subpara- graph will extend the time periods under subparagraphs (E) and (G). (I) CHANGE ALLOWED EARLIER IF NOTIFIED OF NO OBJEC- TION.—A designated financial market utility may imple- ment a change in less than 60 days from the date of receipt of the notice of proposed change by the Supervisory Agency, or the date the Supervisory Agency receives any further information it requested, if the Supervisory Agency notifies the designated financial market utility in writing that it does not object to the proposed change and author- izes the designated financial market utility to implement the change on an earlier date, subject to any conditions imposed by the Supervisory Agency. (2) EMERGENCY CHANGES.— (A) IN GENERAL.—A designated financial market utility may implement a change that would otherwise require advance notice under this subsection if it determines that— (i) an emergency exists; and (ii) immediate implementation of the change is necessary for the designated financial market utility to continue to provide its services in a safe and sound manner. (B) NOTICE REQUIRED WITHIN 24 HOURS.—The des- ignated financial market utility shall provide notice of any such emergency change to its Supervisory Agency, as soon as practicable, which shall be no later than 24 hours after implementation of the change. (C) CONTENTS OF EMERGENCY NOTICE.—In addition to the information required for changes requiring advance notice, the notice of an emergency change shall describe— (i) the nature of the emergency; and (ii) the reason the change was necessary for the designated financial market utility to continue to pro- vide its services in a safe and sound manner. (D) MODIFICATION OR RESCISSION OF CHANGE MAY BE REQUIRED.—The Supervisory Agency may require modifica- tion or rescission of the change if it finds that the change is not consistent with the purposes of this Act or any applicable rules, orders, or standards prescribed under sec- tion 805(a). (3) COPYING THE BOARD OF GOVERNORS.—The Supervisory Agency shall provide the Board of Governors concurrently with a complete copy of any notice, request, or other information it issues, submits, or receives under this subsection. Time period. Time period.